Balance of trade
The value of exported goods from Iceland amounted to ISK 322,600 million fob and the value of imported goods amounted to ISK 365,100 million fob (ISK 396,200 million cif) January-September 2008. Thus there was a trade deficit, calculated on fob value, of 42,600 million as compared with a trade deficit of ISK 95,600 million in January-September 2007, at fixed rates of exchange¹.
Due to new information on external trade in aeroplanes for the third quarter of 2008 the external trade figures for September 2008 show an external trade surplus of 7,800 million ISK contrary to what the preliminary figures for September indicated. On the other hand the external trade deficit in July increased.
Exports
The total value of exports of goods January-September 2008 was ISK 54,100 million or 20.1% higher at constant rates of exchange than the same period the year before.
Imports
The total value of imports of goods January-September 2008 was ISK 1,000 million or 0.3% higher at constant rates of exchange than in the same period last year.
| Balance of trade in September 2008 | |||||
| Change on previous year at constant exchange rates, % January-September | |||||
| Million ISK at fixed exchange rate | |||||
| September | January–September | ||||
| 2007 | 2008 | 2007 | 2008 | ||
| Exports fob, total | 30,314 | 50,231 | 268,489 | 322,569 | 20.1 |
| Imports fob, total | 44,134 | 42,406 | 364,096 | 365,130 | 0.3 |
| Balance of trade | -13,82 | 7,826 | -95,607 | -42,562 | · |
| The value of exports and imports September 2007 and 2008 | |||
| Change on previous year at constant exchange rates 1) % January-September | |||
| Million ISK at current exchange rate | |||
| September | September | ||
| 2007 | 2008 | ||
| Exports fob, total | 210,068.8 | 322,568.5 | 20.1 |
| Marine products | 92,206.2 | 115,249.6 | -2.2 |
| Agricultural products | 2,289.9 | 3,656.8 | 24.9 |
| Manufacturing products | 84,252.8 | 164,894.3 | 53.1 |
| Other products | 31,319.8 | 38,767.9 | -3.2 |
| Imports fob, total | 284,872.7 | 365,130.0 | 0.3 |
| Food and beverages | 18,523.4 | 25,891.7 | 9.4 |
| Industrial supplies n.e.s. | 72,135.1 | 112,761.7 | 22.3 |
| Fuels and lubricants | 25,908.8 | 43,569.4 | 31.6 |
| Capital goods (except for transport) | 65,164.0 | 74,927.3 | -10.0 |
| Transport equipment | 58,917.1 | 55,365.6 | -26.5 |
| Consumer goods n.e.s. | 43,978.6 | 52,308.2 | -6.9 |
| Goods n.e.s. | 245.7 | 306.1 | -2.5 |
| Balance of trade | -74,804.0 | -42,561.5 | · |
¹Based on trade-weighted index of average foreign currency prices in terms of ISK, change on previous year 27.8%. In September 2008, foreign currency prices were 44.4% higher than in September 2007.
Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published approximately 7 weeks after the end of the reference year, in February each year. The figures are considered as final at that point of time.
From 1 February 2008 and onwards, midrate is used to convert the foreign currency value of the commodity to Icelandic krónur (ISK). Before that date, selling rates were used for the conversion of import figures and buying rates for the conversion of export figures. Also from 1 February and onwards, the official exchange rate is used that is registered by the Central Bank of Iceland the day before the customs clearance instead of previous procedure of using the official exchange rate that is registered by the Central Bank on the 28th of each month. Due to that the figures of the trade balance in February and onwards are not completely comparable to the trade balance figures in January and last year figures.